New Jersey continues to have the highest rate of distressed mortgages in America, according to data from the Mortgage Bankers Association.
The MBA's National Delinquency Survey for the second quarter of 2015 showed that 10.2 percent of residential mortgages in the state are in a state of "serious delinquency," meaning that they are in foreclosure or at least three months behind on payments, NJ.com reported. In comparison, the national rate is 3.95 percent.
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New Jersey's woes come despite overall positive growth for the nation's housing market.
The Mortgage Bankers Associated said that the percentage of houses in serious delinquency in America is at its lowest rate since 2007.
"Nearly every state in the nation reported declining foreclosure inventory rates over the second quarter, reflecting a nationwide housing market recovery and strong job market that provide opportunities for distressed loans to be resolved rather than be put into foreclosure," said MBA analyst Marina Walsh.
The states with the highest percentage of loans in foreclosure were New Jersey, New York and Florida.
Walsh also noted that the majority of troubled mortgages are legacy loans. Seventy-three percent of seriously delinquent mortgages originated from before 2008.